Kicking off the session at 1.6589, Sterling-Canadian dollar currency pair peaks at 1.6633

Published: January 26 2023, 05:21 GMT+0

Kicking off the session at 1.6589, Sterling-Canadian dollar currency pair peaks at 1.6633

After closing at 1.6591 yesterday, GBP/CAD began today at 1.6589 with significant bullish sentiment driving GBP/CAD's price action higher. So far today, price action has drawn out a distinct 1.6584 to 1.6633 range.

Meanwhile, Canada Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. United Kingdom PPI Input (MoM) (Dec) released yesterday at 07:00 UTC with a figure of -1.1, while the previous figure was 0.6.

Other currencies are also rising as USD/CAD gained 0.17% and is now trading at 1.34.

While Sterling-Canadian dollar is up today, these currencies are lagging behind: GBP/NZD closed at 1.91 (down 0.17%). After ending yesterday's session at 141.36, EUR/JPY lost 18 pips and is trading around 141.17.

Furthermore, the market is looking at United Kingdom Labour Productivity scheduled to come out today at 09:30 UTC. Canada Wholesale Sales (MoM) is expected today at 13:30 UTC. United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 20:30 UTC.

Having set a significant low of 1.4665 4 months ago, Sterling-Canadian dollar is trading 13.13% higher.

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